Explanation of Portability Okaloosa County Property Appraiser Pete Smith
What is Portability? ØPortability The ability to transfer the benefit of the homestead property assessment limitation (defined in FS 193. 155) described as the dollar value difference between market value and assessed value, or a percentage thereof, from an existing homestead to a newly homesteaded property. MARKET VALUE (MINUS)ASSESSED VALUE = PORTABLE AMOUNT
Portability Ø With Portability, it provides for the transfer of up to $500, 000 of accumulated Save Our Homes benefits to a new homestead property within 2 years. So, what exactly is someone “porting” to a new home?
Portability Example If Owner Buys A Larger House $185, 000 $ 55, 000 Just Value of Existing House SOH Benefit $300, 000 $ 55, 000 Just Value of Larger House SOH Transfer $245, 000 $50, 000 Assessed Value Exemptions $195, 000 Taxable Value
Portability Example Owner Buys a Smaller Home $185, 000 $ 55, 000 Just Value of Existing House SOH Benefit Accrual $129, 500 $ 38, 500 Just Value of Smaller House SOH Transfer $91, 000 $50, 000 Assessed Value Exemptions $41, 000 Taxable Value
Portability Calculation of Proportionate Transfer $129, 500 $185, 000 $ 55, 000 Just Value of New Home Just Value of Existing House SOH Benefit Accrual $129, 500 / $185, 000 =. 70 $55, 000 X. 70 = $38, 500
Portability Ø You must visit our office to make application for portability. Ø Call us for information on porting your value from your previously owned home at (850) 651 -7240, Ft. Walton Beach Office or, (850) 689 -5900, Crestview Office.
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